Qist Bazaar, Pakistan’s leading Buy Now Pay Later (BNPL) fintech startup, has announced the successful closure of its Series A funding round, securing US$3.2 million. The round was led by Indus Valley Capital, with participation from Gobi Partners, an Asia-focused venture capital firm with $1.6 billion in assets under management (AUM). Bank Alfalah, one of Pakistan’s largest commercial banks and an early investor, also contributed, having led the startup’s initial seed round.
This investment marks a significant milestone, as it is the first time an international venture capital firm has collaborated with a major Pakistani bank to take an equity stake in a BNPL fintech. It underscores the growing global interest in Pakistan’s burgeoning fintech sector.
Licensed by the Securities and Exchange Commission of Pakistan (SECP) as a Non-Bank Financial Company (NBFC), Qist Bazaar offers installment-based payment solutions, catering specifically to the unbanked and underbanked segments of the population. In just three years, the platform has facilitated over 55,000 loans, disbursing US$12 million to help Pakistanis acquire essential goods, such as mobile phones and home appliances, through affordable monthly payments.
Qist Bazaar’s success is rooted in its inclusive approach, which enables a wide range of consumers—from individuals with no financial history to those banking with established institutions—to access credit. The company’s straightforward eligibility criterion, “Every Pakistani,” allows traditionally underserved groups such as domestic workers, rickshaw drivers, students, and micro-entrepreneurs to participate in installment-based financing. This is further supported by Qist Bazaar’s hybrid scoring model, which combines traditional and alternative methods to assess creditworthiness, broadening access to financial services for unbanked consumers.
Arif Lakhani, Co-founder and CEO of Qist Bazaar, expressed the company’s mission: “At Qist Bazaar, we are dedicated to making everyday essentials affordable for all Pakistanis. Items like ceiling fans and mobile phones are necessities, not luxuries, and our goal is to ensure they are within everyone’s reach through flexible payment plans.”
Thanks to its equity partnership with Bank Alfalah, Qist Bazaar will also benefit from debt financing provided by several of Pakistan’s leading financial institutions. This added liquidity will enable the company to serve even more customers who have limited or no access to formal credit channels.
Indus Valley Capital, the lead investor in the Series A round, is known for backing some of Pakistan’s most successful startups, including Bazaar, Maqsad, BridgeLinx, and Farmdar. Aatif Awan, Founder and Managing Partner of Indus Valley Capital, highlighted Qist Bazaar’s potential: “We see tremendous opportunity in Qist Bazaar’s ability to reshape consumer financing in Pakistan, much like Bajaj Finance has done in India. The impact this will have on millions of everyday Pakistanis is what excites us most.”
Unlike many high-growth fintechs, Qist Bazaar has been EBITDA-positive since its inception, demonstrating strong unit economics and a focus on sustainable growth. Its disciplined approach, combined with a growing customer base and low delinquency rate, positions the company as a key player in Pakistan’s BNPL market.
Naiel Ikram, General Partner of Gobi Partners’ Pakistan-focused fund, praised Qist Bazaar’s use of technology: “What impressed us about Qist Bazaar is its efficient use of technology to drive both operational efficiencies and sustainable growth. The founders’ deep expertise in the BNPL space, along with their understanding of their customers’ behaviour, reminds us of some of the most successful entrepreneurs we’ve backed across Asia.”
With the newly raised capital, Qist Bazaar plans to accelerate its growth by expanding its product portfolio, enhancing its technological infrastructure, and scaling operations across Pakistan. The company will soon establish a presence in cities like Islamabad, Sukkur, Faisalabad, and Multan, while also increasing capacity in Karachi and Lahore. In addition, new product categories, including solar power generators for small households, are being introduced.
Qist Bazaar has also launched a dealer network, allowing third-party vendors to market its payment plans, and is actively pursuing B2B2C partnerships, with early success in securing major partners from Pakistan’s textile industry.
This latest funding round underscores Qist Bazaar’s growing influence in Pakistan’s fintech landscape, offering financial inclusion through flexible payment solutions and laying the groundwork for continued expansion.
